Results
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The syndicate snatched the number one spot from Chaucer’s Syndicate 1176. -
Fee income was up by 30% year-over-year to $136mn in 2023.
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Follow-only specialty Syndicate 2358 has reported a profit in both years since its launch.
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The carrier closed its Sussex Diversified Fund in October last year.
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The carrier’s non-life combined ratio improved by 5 points to 81.6%.
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The reinsurer’s large losses were down 5% to EUR1.6bn for the year.
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Estimates were revised from $845mn to $740mn.
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ILS platform London Bridge II has had a good year as volumes reached $750mn, the CFO said.
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The firm reallocated from short-tail lines amid social inflation concerns.
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The company proposed a dividend of EUR1.8 per share for 2023.
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CEO Hussain said third-party capital in 2023 remained flat.
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The firm’s assets under management dropped to $1.6bn, as a capital return more than offset new inflows.
